Publication Month: May 2021 |
Report Code: TIPRE00022433
| No. of Pages:
| Category: Food and Beverages
| Status: Published
No. of Pages 142
Vegan pet food is produced with plant-based and natural ingredients without having a trace of animal derived raw material and ensuring no cruelty or exploitation of animals in any sorts. The factors such as the trend of veganism, humanization of pets, and increasing number of pet owners propel the growth of the vegan pet food market. However, nutrient deficiency related to vegan pet food hinders the market growth.
Asia-Pacific is anticipated to be the fastest-growing market for vegan pet foods in the coming years. With the economic growth and rise in disposable income of people, lifestyle and consumption pattern of food are changing in countries such as India, China, and Japan. People in the region tend to prefer vegan diet due to some holistic beliefs, to protect the environment, and to focus on weight management. Vegan pet owners are offering vegan pet food to their pets since it is healthy and easy to digest, which is further influencing the growth of the vegan pet food market in Asia-Pacific. Also, the vegan pet food industry in the region is witnessing the entrance of new manufacturers with innovative products.
The COVID-19 outbreak is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The food & beverage industry is among the significant industries suffering from severe disruptions, such as restrictions on supply chain and shutdown of production plants. The shutdown of various plants and factories is hindering the global supply chains and negatively impacting the manufacturing activities, delivery schedules, and various goods sales. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are hampering the business collaboration and partnership opportunities. The disturbed value chain during the initial days of the pandemic has had a negative impact on raw material supply and further impacting the vegan pet food market. However, as the economies are planning to revive their operations, the demand for vegan pet food is rising. In addition, most people are now working from home, and this change in lifestyle has further inspired families to welcome new pets to their families. So, the negative impact of COVID-19 pandemic has not been significant in the vegan pet food market. Instead, vegan pet food manufacturers witnessed a significant rise in the sale of their products through online retail.
People value their pets and are also ready to spend significant money on keeping them healthy. The pet owners who are vegan prefer to feed vegan food to their pets. Most of the pet owners always opt for products that have clean labels, sustainability claims, and functional nutrition. Majority of the global population consider their pet as a family member. In addition, some of the families own more than just one dog, making them an integral part of the household. Moreover, the number of pet-friendly workplaces are increasing at a significant rate. Thus, growing humanization of pets increases the awareness regarding the quality and ingredients of the pet food provided by the owners, which propels the demand for the vegan pet food market.
Based on product type, the vegan pet food market is segmented into dry food, wet food, and others. The dry food segment led the market in 2020. Dry foods are low in moisture content and are available in various forms such as pellets, kibbles, flaked cereals, and others. Vegan dry pet food items contain plant-based ingredients such as corn, rice, soybean, oats, chickpea, sunflower seed meals, pea protein, hydrolysed vegetable meal, and flaxseed meal. Dry pet foods ensure the teeth health of dogs and cats by reducing the plaque build-up. Owing to its low moisture content, dry food can be stored without refrigeration unlike canned foods, which are prone to decay.
Based on pet type, the vegan pet food market is bifurcated into dogs and cats. The dogs segment led the market in 2020. Dogs are the most popular and beloved pets among the pet owners worldwide. Dogs can be fed with vegan diet as vegan food is clean, light, and highly nutritious. This type of food helps in managing the weight of dogs and improving their energy levels. Moreover, it is easily digestible that improves the gut health of dogs and helps in overcoming the problems of constipation and loose stools.
Based on distribution channel, the global vegan pet food market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment led the market in 2020. For vegan pet foods, supermarkets and hypermarkets are one of the most preferred distribution channels owing to the factors such as an availability of wide range of products with popular brands under one roof, convenience of selecting the products, and discounts and attractive deals.
|Market Size Value in||US$ 8,667.97 Million in 2020|
|Market Size Value by||US$ 15,651.22 Million by 2028|
|Growth rate||CAGR of 7.7% from 2021-2028|
|No. of Pages||142|
|No. of Tables||86|
|No. of Charts & Figures||80|
|Historical data available||Yes|
|Segments covered||Product Type , Pet Type , and Distribution Channel|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
A few players operating in the vegan pet food market are Antos B.V.; Benevo; Bond Pet Foods, Inc.; V-dog; Soopa Pets; Vegan4dogs; Wild Earth; Yarrah; Isoropimene Zootrofe Georgios Tsappis Ltd.; and Halo Pets. The companies in the market are continuously looking forward to expand and diversify their market presence along with acquisition of new customer base and tapping prevailing business opportunities.
The List of Companies - Global Vegan Pet Foods Market